By Toni Weeks
San Luis Obispo, Calif., Jan. 15 - Royal Bank of Canada priced $14.8 million of redeemable step-up notes due Jan. 17, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 3.25% during the first five years, stepping up to 4% in years six through 10 and to 5% in years 11 through 13. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on Jan. 17, 2019 and Jan. 17, 2024.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Redeemable step-up notes
|
| Amount: | $14.8 million
|
| Maturity: | Jan. 17, 2027
|
| Coupon: | 3.25% during the first five years, stepping up to 4% in years six through 10 and to 5% in years 11 through 13
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on Jan. 17, 2019 and Jan. 17, 2024
|
| Pricing date: | Jan. 14
|
| Settlement date: | Jan. 17
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2.595%
|
| Cusip: | 78010UDJ3
|
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